This jobs report suggests we may not be there yet. Along with
non-farm payrolls coming in far below expectations, and a drop in
the labor force participation rate to levels not seen since the
1970s, average wage growth continues to be anemic. Private wages
grew just 2.2% between September 2014 and September 2015.

That rate is in the same narrow band around 2% that wage growth
has been stuck in since the end of the Great Recession, and is
well below the growth rates seen at the top of the last business
cycle:

"We are not much surprised at the weak-looking hourly earnings
number; the survey period did not include the 15th - payday
for people paid semi-monthly - and that almost always depresses
wage growth by a tenth or two; expect a rebound next month,"
Pantheon Macroeconomics' Ian Shepherdson noted.